The Baltic Sea needs private capital to recover, say Finnish entrepreneurs Patrik Anckar and Timo Ketonen. Their company A’pelago supports blue economy startups and brings together entrepreneurs, investors, and researchers. The blue movement’s heart is in Turku Science Park, at the newly opened Blue Economy Center.
Applications for A’pelago’s Nordic Blue acceleration program are open until December 5!
What kind of Archipelago Sea will we leave to our grandchildren?
This question has been on the minds of Finnish entrepreneurs Timo Ketonen and Patrik Anckar in the past years. As archipelago natives and passionate sailors, they have witnessed firsthand how badly their home sea has deteriorated. Becoming grandfathers has inspired them to act for the good of the sea more determinedly than ever.
– We believe that we can draw on our networks and international trade experience to create something entirely new, Anckar says.
Ketonen and Anckar aim to promote scalable businesses, on land or at sea, that support the well-being of the sea. They believe private capital is crucial for the Baltic Sea’s recovery.
– The sea cannot be saved with public funds alone, Anckar says.
Piece by piece, they have built A’pelago, a new blue economy ecosystem. A’pelago Accelerator supports science-based blue economy companies, while the annual A’pelago Initiative event brings together entrepreneurs, investors, researchers, and experts.
Blue Economy Attracts Investors
Turku’s blue economy ecosystem has also caught the attention of investors. In August, Venture Investor Redstone Nordics announced it will establish the Redstone Blue I VC fund in Turku, focusing on the blue economy and the Baltic Sea, with a capital of 25 to 40 million euros.
Tuomo Veivo of Redstone notes that a clear blue economy trend is emerging. Europe is already seeing notable funding rounds in the sector, ranging from five million to 50 million euros. A few unicorns – companies valued at over one billion dollars – have even appeared.
– The number of potential blue economy investment opportunities has multiplied over the past five years, both in Europe and in Finland. The number of companies is growing at a significant pace each year, paving the way for such a fund, he says.
According to Veivo, the goal is to begin investment activities in early 2026 and build a portfolio of 20 companies. Potential targets include startups focused on sustainable shipping, clean energy, blue biotechnology, as well as marine data and analytics.
– We want to find startups where impact and business go hand in hand. In addition, the business must not be dependent on public funding or similar support.
Community That Powers Growth
Turku’s blue economy ecosystem is centred at Turku Science Park. The Blue Economy Centre opened its doors in November in the Astra building, owned by the Åbo Akademi Foundation. Timo Ketonen’s investment company, Aboa Advest, leases the 460-square-meter space and hosts 13 subtenants.
Alongside A’pelago and Redstone, the centre also hosts a range of business services, including legal, advertising, accounting, and software solutions. In addition, Marine research at the University of Turku and Åbo Akademi University is located only a stone’s throw away. According to Anckar, the idea is to create a genuine community that supports businesses.
– We don’t just tell startups to go through our program and figure out the rest on their own; instead, we aim to take care of them by providing a network and the services they need, he says.
Collaboration with universities is essential, as many innovations in the blue economy originate from scientific research. According to Ketonen, researchers have expressed interest in an academic track within A’pelago’s acceleration program.
– We need to create an environment where researchers can also take the leap into entrepreneurship, he says.
Does your company need support with research collaboration, product development, or finding the right partners? The experts at Business Turku are here to help you move forward!
Baltic Sea: A Living Lab
Turku is, according to Ketonen, Anckar and Veivo, the perfect hub for the Baltic Sea’s blue economy. The city hosts world-class marine research and a globally unique network of maritime companies. In addition, the shallow Baltic Sea provides an ideal testing ground for new solutions: its average depth is only about 54 meters, compared to the Mediterranean’s 1,5 kilometres.
– Problems bubble up here faster than anywhere else. When we come up with a solution here, it is instantly ready for export, says Anckar.
A’pelago, founded in 2022, has already achieved a great deal. In addition to Ketonen and Anckar, the core team now includes Alina Sippolainen, Matilda Gustafsson, and Sini Toivonen, who are responsible for the ecosystem, marketing, and event production. The A’pelago ecosystem’s membership registry includes over 2 100 individuals and 750 organisations. In August 2025, the A’pelago Initiative brought together 300 people from 12 different countries.
– We are on a path to make A’pelago the leading blue economy player in Finland and Turku for the Baltic Sea. Our goal is to create at least 30 new companies through A’pelago Accelerator. We hope that one of them will become a unicorn by 2035, Ketonen outlines the objectives.
Ketonen’s and Anckar’s vision is embodied in two animals: the flounder and the unicorn. They hope the Baltic Sea will be restored so that flounders return, and that their grandchildren can enjoy smoked flounder from their home waters.
– The business goals are also ambitious. The flounders won’t return without the unicorn vision, Anckar says.
Text and pictures: Heidi Pelander
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